514 LAWS OF MARYLAND [CH. 277

hereof, for the construction of erosion prevention works
in or for any of said Taxing and Assessment Districts,
the said County Commissioners, acting as District Council
for the district in or for which erosion (prevention works
are to be constructed, are hereby authorized and empow-
ered to borrow money upon the faith and credit of the
Taxing and Assessment District to be so protected in such
amount or amounts as it may deem necessary to complete
the construction of such erosion prevention works in or
for such Taxing and Assessment District. The money so
borrowed shall bear interest at a rate or rates to be fixed
by said County Commissioners, not exceeding six per
centum per annum, payable semi-annually, and shall be
secured by notes, certificates of indebtedness or bonds
issued by the County Commissioners, acting as District
Council for each district to be so improved, upon the
faith and credit of such Taxing and Assessment District.
Said notes, certificates of indebtedness or bonds shall be
and remain exempt from State, County and municipal
taxation. Said notes, certificates of indebtedness or bonds
shall be made payable within fifteen years after the issu-
ance thereof. Said notes, certificates of indebtedness or
bonds shall be issued under the hand and seal of the
County Commissioners, acting as District Council for the
district for which said notes, certificates of indebtedness
or bonds are issued, and said bonds, only, shall be guar-
anteed as to the payment of principal and interest by the
County Commissioners of the County, which guaranty
shall be endorsed on each of said bonds in the following
language: "The payment of interest when due and the
principal at maturity is guaranteed by.............................. County,

Maryland. " Such endorsement shall be signed on each of
said bonds by the president and attested by the clerk of
the Board of County Commissioners of said county, and
its corporate seal thereto affixed, within twenty days after
said bonds are ready for endorsement. "Notwithstanding
the provisions of Sections 34, 35, and 36 of Article 31 of
the Annotated Code of Maryland (1951 Edition) the notes,
certificates of indebtedness, or bonds may be sold either
at public sale or by private negotiation, in the discretion
of the County Commissioners of the county issuing the
same, acting as a District Council. "

(c) The said notes, certificates of indebtedness or bonds
shall be issued so as to mature serially and at such times
as said County Commissioners shall determine but not
exceeding fifteen years in any case.